Gold price surges past $4,325, market cap tops $30 trillion
On October 16, spot gold prices surged nearly 3%, surpassing $4,325 and setting a new all-time high. The record-breaking rally pushed gold’s total market capitalization (XAU) above $30 trillion for the first time in history. Overnight alone, this figure grew by $300 billion as prices continued to climb.
Investors are flocking to gold as a safe-haven asset amid rising global economic uncertainty, a weakening U.S. dollar, inflation concerns, and expectations of an upcoming Federal Reserve rate cut. The metal gained 2.8% in the past 24 hours, 17% over the past month, and 65% since the start of the year.
Daily chart of XAUUSD. Source: TradingView
This surge has made gold’s market cap more than ten times greater than silver’s ($3 trillion) and nearly equal to the combined valuation of the world’s biggest tech giants, including Nvidia ($4.43 trillion), Microsoft ($3.80 trillion), Apple ($3.67 trillion), and Alphabet ($3.04 trillion).
Meanwhile, Bitcoin has dropped to eighth place among global assets, valued at $2.16 trillion after falling from above $108,000. The cryptocurrency previously ranked within the top five, surpassing Alphabet.
Although technical indicators now show gold as overbought (daily RSI above 87), and some traders question whether to buy now or wait for a correction, analysts remain optimistic about its short-term prospects.
Bleak outlook for global stability
According to ANZ forecasts, gold could reach $4,400 per ounce by the end of 2025 and potentially peak near $4,600 by mid-2026, before easing as the Federal Reserve concludes its monetary policy easing cycle.
On the Comex exchange, December gold futures traded between $4,249 and $4,255 per ounce, while spot prices ranged from $4,237 to $4,240.
As we wrote, Gold price prediction: XAU surges past $4,230 as Fed expectations drive record rally
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